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Realtraders,
It is approximately 10 minutes before the open and the S&P futures are
indicating an up opening of approx. 8 points. This would put the futures
at around 107900 (SPZ8). My short term work is indicating that the market
is now getting overbot based on the rally of approximately 150 S&P points
or about a 1000 point gain in the DOW.
If you take a look at a chart, you will see that the previous rally
stalled on 9/24/98 at this 107900 level. As such, I suspect we will find
resistance based on this classical horizontal line. Finally, many of my
indicators and oscillators have reached overbot and divergent levels.
Thus, after this mornings open, we may begin to see a pullback which should
result in a "backing and filling" situation which should last at least
several days.
Just some thoughts,
John Boggio
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